Final answer:
The term representing the total change in equity for a reporting period, excluding transactions with owners, is Other comprehensive income. The correct answer is option B.
Step-by-step explanation:
The question being asked is related to the concept of financial reporting in the context of equity and the performance of a company over a specific period. Here, the term representing the total change in equity for a reporting period, other than from transactions with owners, is sought. The correct option is Other comprehensive income (b).
Other comprehensive income (OCI) is a component of the total comprehensive income which includes revenues, expenses, gains, and losses that have not been realized and are excluded from net income on the income statement. These items typically include foreign currency translation adjustments, unrealized gains and losses on certain types of investments, and pension plan gains and losses, among others. The OCI is reported in the equity section of the balance sheet through accumulated other comprehensive income, which is presented separately from retained earnings and additional paid-in capital.
It is distinguished from net income, which is the profit or loss of a company after all revenues, expenses, and taxes have been accounted for. Net income is often considered the most important indicator of a company's profitability during a given period and is typically what most people refer to when they talk about a company's earnings. On the other hand, OCI is a measure of certain gains and losses that have been recognized in the accounting period but are not realized until a future event occurs, such as the sale of an investment or the settlement of a pension.
Therefore, the complete answer to the question is:
Other comprehensive income is the total change in equity for a reporting period other than from transactions with owners.